Dubai stocks were set for the highest close in more than a week after profit at Emaar Properties PJSC (EMAAR) and Emirates Integrated Telecommunications Co. (DU) rose, boosting confidence in the emirate’s economic recovery.
Emaar, developer of the world’s tallest skyscraper, rallied 1.2 percent after the company said quarterly profit more than doubled, beating estimates. Emirates Integrated, the second- biggest United Arab Emirates phone company known as Du, advanced to the highest intraday level since April after second-quarter net income climbed 57 percent. The DFM General Index advanced 0.5 percent to 1,516.68 at 11:26 a.m. in the emirate, headed for the highest close since July 19. The Bloomberg GCC 200 Index (BGCC200) was unchanged while Qatar’s QE Index (DSM) slipped 0.1 percent.
“Investors are positive on growth in Emaar and Du’s profits,” said Nabil Farhat, a partner at Abu Dhabi-based Al Fajer Securities. “The recent figures solidify that Dubai’s recovery as a whole is real and is expected to continue its upward movement in the future.”
No comments:
Post a Comment